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The cell culture market is projected to exceed $74.52 billion by 2031, driven by advancements in biotechnology and pharmaceutical research. Factors such as increased demand for biopharmaceuticals, rising investments in cell-based research, and the growing prevalence of chronic diseases are contributing to this growth. The market's expansion highlights the significance of cell culture technologies in various applications, including drug development and regenerative medicine.
The Global Cell Culture Market, valued at $27.25 billion in 2023, is set for significant expansion. It is projected to grow to $74.52 billion by 2031, achieving a remarkable compound annual growth rate (CAGR) of 13.4% during the forecast period from 2024 to 2031.
Westford, USA, Oct. 08, 2024 (GLOBE NEWSWIRE) — SkyQuest has forecasted that the Global Cell Culture Market will experience substantial growth, reaching a valuation of USD 74.52 billion by 2031, with a remarkable compound annual growth rate (CAGR) of 13.4% throughout the forecast period from 2024 to 2031. This expansion is largely driven by the swift adoption of cell culture techniques necessary for the safe manufacturing of viral vaccines.
The development of innovative three-dimensional cell culture techniques, combined with advancements in vaccine and biopharmaceutical manufacturing, is also expected to significantly boost market demand during this period. Additionally, the COVID-19 pandemic has catalyzed research opportunities concerning novel infectious viruses, which has opened new avenues for the development of diagnostic and therapeutic tools.
The Global Cell Culture Market is segmented based on various criteria, including Application, End User, Product, and Region.
The market is divided into several applications:
The end-user categories are divided into:
Product categories include:
The market is further segmented geographically into:
The consumables segment of the cell culture market is poised for remarkable growth, driven by recurring demand and consumable purchases. In 2022, this segment held the largest market share at 57.44%. Key growth drivers include increasing R&D investments from biotechnology and biopharmaceutical companies aimed at developing complex biologics, such as monoclonal antibodies and vaccines. This trend indicates that consumables, particularly reagents, media, and sera, will continue to see heightened demand.
The diagnostics segment is anticipated to experience the fastest growth, with a CAGR of 14.29% from 2023 to 2030. The rapid expansion can be attributed to the increasing applications of cell culture in metabolomics, facilitating the identification of various disease-related biomarkers. Additionally, cell culture metabolites play a critical role in diagnosing and monitoring cancer recurrence, which has broadened the application scope for cell culture media products. These developments have heightened the industry's value in disease diagnosis and set it on a path for upward growth.
In 2022, North America commanded 35.90% of the global market share, primarily due to its robust biotech and pharmaceutical industries. The adoption of advanced technologies in the U.S. has further solidified its market position. Intensive research projects focused on cell treatment have created a substantial demand for cell culture technologies in the region. Moreover, the rising prevalence of infectious and chronic diseases continues to fuel demand for cell culture techniques in both research and clinical settings.
Conversely, the Asia-Pacific region is expected to achieve the highest CAGR of 13.79%, driven by its vast potential for clinical research applications. Growing awareness of cell and gene therapy procedures and increased health expenditures in this region are also contributing factors. The rapid adoption of scientific and technological advancements, coupled with the emergence of new treatments such as cancer immunotherapies and regenerative medicines, is likely to enhance market growth.
Key Drivers:
Challenges:
Leading companies in the cell culture market include:
The Global Cell Culture Market is positioned for significant growth, driven by technological advancements, increasing investments in research, and a surge in demand for innovative diagnostic solutions. As market segments evolve and new challenges emerge, companies will need to navigate the landscape carefully to capitalize on opportunities while addressing potential obstacles.
For questions or comments write to writers@bostonbrandmedia.com
Source: globenewswire
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